Debt Sustainability of Subnational Governments in India: Lessons from International Debt Crises

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Hari Krishna Dwivedi (Retired Officer, Retired Officer, Indian Administrative Services (IAS))

Debt Sustainability of Subnational Governments in India

Lessons from International Debt Crises

Hari Krishna Dwivedi (Retired Officer, Retired Officer, Indian Administrative Services (IAS))

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English

Oxford University Press
26 June 2024

Regional government policies; Financial crises & disasters; Public finance accounting

In 2020, for the first time in history, the worlds debt as a percentage of its gross domestic product exceeded 100 per cent. Although it has come down slightly since then, there are concerns about where the next debt crisis will happen, given that Pakistan and Sri Lanka have found their debt to be what may be described as unsustainable. Indias overall fiscal health and macroeconomic conditions remain stable, but questions on the fiscal health of Indias subnational entities have been raised from time to time. In Debt Sustainability of Subnational Governments in India: Lessons from International Debt Crises, Dwivedi attempts to answer this question by analysing the debt sustainability of states in the context of many emerging issues and challenges to their fiscal health. The book aims to provide usable and practical recommendations to ensure sound fiscal health of the subnational governments in India. Some of the key aspects covered in the book include international experiences of excessive borrowing, and the learnings from these experiences; trends of state government debt (subnational debt); control mechanism on subnational borrowings; emerging issues that pose challenges to state finances; and recommendations to control debt from spiralling out of control.

By: Hari Krishna Dwivedi (Retired Officer Retired Officer Indian Administrative Services (IAS))
Imprint: Oxford University Press
Country of Publication: United Kingdom
Dimensions: Height: 85mm, Width: 55mm, Spine: 8mm
Weight: 870g
ISBN: 9780198903116
ISBN 10: 0198903111
Pages: 256
Publication Date: 26 June 2024
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Dr. Hari Krishna Dwivedi is a retired officer of the Indian Administrative Services (IAS); he was earlier Chief Secretary of the Government of West Bengal. He has previously served in many key positions, including State Finance Secretary and Head of Taxation in the state. Dwivedi was a recipient of the Joint Japan/World Bank Graduate Scholarship Program in 2004-05, under which he pursued an M.Sc in Development Management from the London School of Economics (LSE). He also holds a PhD in Development Studies from Calcutta University. A prolific writer, his publications primarily cover topics such as community participation, women's empowerment, rural development, debt sustainability, local body finances, state finances, fiscal consolidation, and fiscal federalism. As the State Finance Secretary, Dwivedi has been instrumental in introducing wide-ranging reforms in financial restructuring and fiscal management of the state finances.